Tech giant Lenovo says it’s ‘well-prepared’ if the US slaps more tariffs on China

Chinese technology firm Lenovo, one of the world’s largest PC makers, can shift production to other countries if the U.S. slaps more tariffs on China, the company’s finance chief told CNBC. President Donald Trump has threatened an additional round of tariffs on $300 billion of Chinese imports which could include consumer electronics. Lenovo said it has a global manufacturing footprint and could shift production elsewhere if extra tariffs were imposed on China. “We obviously are well-prepared in


Chinese technology firm Lenovo, one of the world’s largest PC makers, can shift production to other countries if the U.S. slaps more tariffs on China, the company’s finance chief told CNBC. President Donald Trump has threatened an additional round of tariffs on $300 billion of Chinese imports which could include consumer electronics. Lenovo said it has a global manufacturing footprint and could shift production elsewhere if extra tariffs were imposed on China. “We obviously are well-prepared in
Tech giant Lenovo says it’s ‘well-prepared’ if the US slaps more tariffs on China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: arjun kharpal
Keywords: news, cnbc, companies, production, china, slaps, shift, lenovo, countries, told, worlds, giant, tech, million, wellprepared, chinese, tariffs


Tech giant Lenovo says it's 'well-prepared' if the US slaps more tariffs on China

Chinese technology firm Lenovo, one of the world’s largest PC makers, can shift production to other countries if the U.S. slaps more tariffs on China, the company’s finance chief told CNBC.

President Donald Trump has threatened an additional round of tariffs on $300 billion of Chinese imports which could include consumer electronics.

Lenovo said it has a global manufacturing footprint and could shift production elsewhere if extra tariffs were imposed on China.

“We obviously are well-prepared in the event that it happens,” Lenovo CFO Wai Ming Wong told CNBC.

“We have definitely the ability to shift some of the production … from the impacted countries like China to the countries where we can continue to without, I think, without having the impact of the tariffs,” he added.

Lenovo reported profit of $597 million for its fiscal year which ended March 31, from a loss of $189 million in the previous year.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: arjun kharpal
Keywords: news, cnbc, companies, production, china, slaps, shift, lenovo, countries, told, worlds, giant, tech, million, wellprepared, chinese, tariffs


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Dow set to rebound more than 100 points after Trump predicts a quick resolution to trade war

U.S. stock index futures rose on Friday after President Donald Trump said the ongoing trade war could be over quickly, but equities were still on pace to close lower for the week. Dow Jones Industrial Average futures rose 168 points, indicating a gain of 145 points at the open. Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei. The president’s comm


U.S. stock index futures rose on Friday after President Donald Trump said the ongoing trade war could be over quickly, but equities were still on pace to close lower for the week. Dow Jones Industrial Average futures rose 168 points, indicating a gain of 145 points at the open. Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei. The president’s comm
Dow set to rebound more than 100 points after Trump predicts a quick resolution to trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: fred imbert silvia amaro, fred imbert, silvia amaro
Keywords: news, cnbc, companies, quick, dow, futures, trump, war, rebound, tech, investors, trade, sp, set, stock, china, week, uschina, predicts, points, resolution


Dow set to rebound more than 100 points after Trump predicts a quick resolution to trade war

U.S. stock index futures rose on Friday after President Donald Trump said the ongoing trade war could be over quickly, but equities were still on pace to close lower for the week.

Dow Jones Industrial Average futures rose 168 points, indicating a gain of 145 points at the open. S&P 500 and Nasdaq 100 futures also pointed to solid gains at the open.

Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei.

The president’s comments lifted market sentiment at a time when investors are growing more convinced that the trade war will take longer than expected to conclude. The Dow and S&P 500 came into Friday’s session down more than 1% each for the week while the Nasdaq had lost 2.4%.

Crude prices are down more than 6% this week as trade worries spilled over to other markets. Investors also loaded up on Treasurys this week. On Thursday, the 10-year Treasury note yield fell to its lowest level since October 2017.

Energy and tech were the worst-performing sectors for the week coming into Friday. The energy sector is down 3.6% through Thursday’s close while tech — the largest S&P 500 sector by market weight — had lost 2.8%.

Chipmakers led tech down this week as the VanEck Vectors Semiconductor ETF (SMH) dropped 5.1%. Qualcomm and Broadcom are the worst-performers in the ETF this week, dropping 16.3% and 10.3%, respectively.

Apple shares also contributed to the tech losses as several analysts raised concern over the company’s exposure to China. The stock is down nearly 5% this week.

“The growing worries around a US/China elongated trade battle and its implications on the tech space are heavily weighing on the minds of both investors and the companies themselves caught in the cross hairs,” Dan Ives, analyst at Wedbush Securities, wrote in a note to clients. “The ‘poster child’ for the US/China trade wars continue to be Apple with the stock under heavy pressure as many competitors are yelling fire in a crowded theater around the potential China impact to Cupertino if this situation worsens.

In terms of data, the calendar is thin with only durable goods numbers out at 8:30 a.m. ET.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: fred imbert silvia amaro, fred imbert, silvia amaro
Keywords: news, cnbc, companies, quick, dow, futures, trump, war, rebound, tech, investors, trade, sp, set, stock, china, week, uschina, predicts, points, resolution


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Europe markets open mixed as trade war threatens to become tech war

European markets opened mixed Wednesday, as investors monitor the increasing involvement of technology giants in the U.S.-China trade war. Investors will be monitoring trade developments between the world’s two largest economies, after a reprieve from the U.S. temporarily backing off its blacklisting of Chinese telecommunications giant Huawei caused European markets to rebound slightly Tuesday. China’s GAC Motor, one of the nation’s largest carmakers, postponed its U.S. launch due to uncertainty


European markets opened mixed Wednesday, as investors monitor the increasing involvement of technology giants in the U.S.-China trade war. Investors will be monitoring trade developments between the world’s two largest economies, after a reprieve from the U.S. temporarily backing off its blacklisting of Chinese telecommunications giant Huawei caused European markets to rebound slightly Tuesday. China’s GAC Motor, one of the nation’s largest carmakers, postponed its U.S. launch due to uncertainty
Europe markets open mixed as trade war threatens to become tech war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: elliot smith
Keywords: news, cnbc, companies, tech, europe, trade, house, threatens, mixed, president, chinese, markets, monitoring, report, minister, open, war, white


Europe markets open mixed as trade war threatens to become tech war

European markets opened mixed Wednesday, as investors monitor the increasing involvement of technology giants in the U.S.-China trade war.

The pan-European STOXX 600 edged lower at the opening bell, telecoms showing an early 0.4% drop while autos led marginal gains in the early minutes of trading.

Investors will be monitoring trade developments between the world’s two largest economies, after a reprieve from the U.S. temporarily backing off its blacklisting of Chinese telecommunications giant Huawei caused European markets to rebound slightly Tuesday.

Markets in Asia were subdued Wednesday afternoon, with mainland Chinese shares largely flat while indexes in Japan, Hong Kong and South Korea showed slight gains.

China’s GAC Motor, one of the nation’s largest carmakers, postponed its U.S. launch due to uncertainty over the trade war, while Tencent CEO Pony Ma said he was watching whether a tech war will ensue. Meanwhile, Chinese President Xi Jinping said China is embarking on a “new Long March,” suggesting no imminent end to the trade war.

Stateside, investors will also be monitoring domestic and geopolitical developments, as House Democrats subpoenaed two more former White House aides just hours after former White House Counsel Donald McGahn no-showed for testimony at President Trump’s request.

The State Department said Tuesday that it sees signs the Syrian government may be using chemical weapons, warning that Washington and its allies would respond “quickly and appropriately” should the allegations be proven.

Back in Europe, U.K. Prime Minister Theresa May sought to break the Brexit deadlock with the main opposition Labour Party and pro-European Union lawmakers, offering Members of Parliament a vote on whether to hold another referendum if they back her EU Withdrawal Agreement Bill.

Meanwhile, the Austrian far right FPO crashed out of the country’s coalition government after the President sided with Conservative Chancellor Sebastian Kurz and sacked its interior minister following a sting video.

In corporate news, German lender Commerzbank will hold its AGM Wednesday following the collapse of merger talks with domestic rival Deutsche Bank. Elsewhere, British retailer Marks & Spencer will report full-year results along with Royal Mail, which is expected to report a slump in profits.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: elliot smith
Keywords: news, cnbc, companies, tech, europe, trade, house, threatens, mixed, president, chinese, markets, monitoring, report, minister, open, war, white


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Tencent’s Pony Ma says he’s watching whether the trade war will turn into a tech war

Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019. Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese


Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019. Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese
Tencent’s Pony Ma says he’s watching whether the trade war will turn into a tech war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, tencent, ma, pony, chinese, war, china, worth, wechat, turn, tencents, tech, watching, trade, hes


Tencent's Pony Ma says he's watching whether the trade war will turn into a tech war

Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019.

Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr.

“Recently, the cases of ZTE and Huawei have intensified. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese remarks as published in 36kr.

“As a result, if we don’t continue to work hard on basic research and key technologies, our digital economy will just be a high-rise built on sand, difficult to sustain, not to mention the transformation to new from old drivers of growth or the promotion of high-quality development,” he said. He also noted that, since China has reached the front line of development, “there is less and less room for just taking ideas.”

Trade tensions between the U.S. and China intensified this month. U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10, to which Beijing responded a few days later with plans to impose tariffs on $60 billion worth of U.S. goods on June 1.

Trump has made reducing the U.S. trade deficit with China the center of the dispute, but the disagreement also covers U.S. complaints about requirements of forced technology transfer and lack of intellectual property protection. Last week, the U.S. Department of Commerce added Huawei Technologies and its affiliates to the Bureau of Industry and Security Entity List that will make it more difficult for U.S. companies to conduct business with the Chinese telecom giant.

Tencent runs China’s ubiquitous messaging app WeChat and its WeChat mobile pay service, in addition to being a giant in gaming. A company representative was not immediately available for comment on the 36kr report.

Ma, who also goes by Ma Huateng, was giving unscheduled remarks at Tencent’s Global Digital Ecosystem Summit in Kunming, China. Forbes said in March that he is the richest person in China.

Read the full 36kr report here.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, tencent, ma, pony, chinese, war, china, worth, wechat, turn, tencents, tech, watching, trade, hes


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Don’t hold your breath waiting for Apple or Amazon to buy Tesla, Morgan Stanley analyst warns in private investor call

“Tesla is not really seen as a growth story,” Jonas said on the call, which CNBC heard in a recording. Jonas spent some time on the call responding to the hope that a big tech company like Apple or Amazon might buy Tesla. But Jonas poured cold water on the notion of a big tech acquisition today. Jonas acknowledged that Apple has interest in transportation (as do Amazon and other big tech firms). He added, “Perhaps those big tech firms don’t want to expose themselves to that up front.


“Tesla is not really seen as a growth story,” Jonas said on the call, which CNBC heard in a recording. Jonas spent some time on the call responding to the hope that a big tech company like Apple or Amazon might buy Tesla. But Jonas poured cold water on the notion of a big tech acquisition today. Jonas acknowledged that Apple has interest in transportation (as do Amazon and other big tech firms). He added, “Perhaps those big tech firms don’t want to expose themselves to that up front.
Don’t hold your breath waiting for Apple or Amazon to buy Tesla, Morgan Stanley analyst warns in private investor call Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: lora kolodny
Keywords: news, cnbc, companies, tesla, vehicle, private, hold, apple, tech, jonas, dont, buy, waiting, transportation, warns, big, company, owning, investor, stanley, morgan


Don't hold your breath waiting for Apple or Amazon to buy Tesla, Morgan Stanley analyst warns in private investor call

In an invitation-only call with institutional clients of Morgan Stanley on Wednesday, research analyst Adam Jonas — a long-time Tesla bull — expressed skepticism about the electric vehicle maker and said not to count on a buyer like Apple to bail the company out.

“Tesla is not really seen as a growth story,” Jonas said on the call, which CNBC heard in a recording. Today, “It seems like a distressed credit and restructuring story.”

Some details of the call were previously reported by Business Insider.

Jonas spent some time on the call responding to the hope that a big tech company like Apple or Amazon might buy Tesla. in a CNBC interview on Tuesday, analyst Craig Irwin of Roth Capital Partners rekindled the rumor that Apple once made a bid for Tesla.

But Jonas poured cold water on the notion of a big tech acquisition today.

He explained, “For risk mitigation and liability containment, they may not want to expose themselves to the unlimited liability of being involved in owning a business where occasionally a car catches on fire, takes down a building, or accidentally kills a pedestrian or passenger, things that happen. The auto industry has an ugly side to it. The roads are very dangerous. There’s a lot of stored energy in a vehicle. And the regulatory environment [around autonomous cars] has not had time to cure yet.”

Jonas acknowledged that Apple has interest in transportation (as do Amazon and other big tech firms). But Morgan Stanley’s tech researchers, he said, don’t expect Apple to have a service or related hardware devoted entirely to transportation until the 2030s.

He added, “Perhaps those big tech firms don’t want to expose themselves to that up front. And moreover they realize the autonomous race is more of a marathon where over a 10- or 20-year period you collect real world miles. There may be other ways to do that besides owning a full-stack, awesome, great auto company.”


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: lora kolodny
Keywords: news, cnbc, companies, tesla, vehicle, private, hold, apple, tech, jonas, dont, buy, waiting, transportation, warns, big, company, owning, investor, stanley, morgan


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Dow climbs nearly 200 points as tech shares gain after US eases Huawei restrictions

Stocks closed higher on Tuesday following news that the U.S. temporarily eased restrictions on Chinese telecom giant Huawei. The Dow Jones Industrial Average rose 197.43 points to 25,877.33 as Intel outperformed. The Commerce Department said Monday night it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19. The initial restrictions worried investors that the ongoing U.S.-China trade war


Stocks closed higher on Tuesday following news that the U.S. temporarily eased restrictions on Chinese telecom giant Huawei. The Dow Jones Industrial Average rose 197.43 points to 25,877.33 as Intel outperformed. The Commerce Department said Monday night it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19. The initial restrictions worried investors that the ongoing U.S.-China trade war
Dow climbs nearly 200 points as tech shares gain after US eases Huawei restrictions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: fred imbert
Keywords: news, cnbc, companies, existing, worried, tech, shares, trade, worstcase, points, rose, telecom, eases, hogan, dow, nearly, market, climbs, huawei, gain, restrictions


Dow climbs nearly 200 points as tech shares gain after US eases Huawei restrictions

Stocks closed higher on Tuesday following news that the U.S. temporarily eased restrictions on Chinese telecom giant Huawei.

The Dow Jones Industrial Average rose 197.43 points to 25,877.33 as Intel outperformed. The S&P 500 gained 0.9% to end the day at 2,864.36, with the tech sector jumping 1.2%. The Nasdaq Composite advanced 1.1% to 7,785.72.

Equities also got a boost from Boeing. Shares of the airplane maker rose 1.7% after U.S. aviation officials that a bird collision may have caused the 737 Max crash in March.

The Commerce Department said Monday night it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19. The move sought to minimize disruption for the telecom company’s customers around the world. The initial restrictions worried investors that the ongoing U.S.-China trade war was intensifying.

“That’s another ray of hope that we can avoid the worst-case scenario,” said Art Hogan, chief market strategist at National Securities. “The market tends to be seizing on the positive undertones in trade.”

“It felt like they needed to show some flexibility in the administration,” Hogan said. “A week ago Sunday, it seemed like we were heading into no-man’s land on trade.”


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: fred imbert
Keywords: news, cnbc, companies, existing, worried, tech, shares, trade, worstcase, points, rose, telecom, eases, hogan, dow, nearly, market, climbs, huawei, gain, restrictions


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European stocks close higher as trade war offers reprieve; tech sector rallies

European stocks closed higher Tuesday as tensions eased slightly in the escalating trade war between the U.S. and China. The pan-European STOXX 600 closed provisionally 0.5% higher, with most sectors in positive territory. Technology stocks led the gains with a 1.6% rise. Chipmakers AMS and STMicroelectronics both climbed about 4% as a result of the positive trade developments. OECD chief economist Laurence Boone told CNBC Tuesday that U.S.-Sino trade tensions have “derailed global growth” and n


European stocks closed higher Tuesday as tensions eased slightly in the escalating trade war between the U.S. and China. The pan-European STOXX 600 closed provisionally 0.5% higher, with most sectors in positive territory. Technology stocks led the gains with a 1.6% rise. Chipmakers AMS and STMicroelectronics both climbed about 4% as a result of the positive trade developments. OECD chief economist Laurence Boone told CNBC Tuesday that U.S.-Sino trade tensions have “derailed global growth” and n
European stocks close higher as trade war offers reprieve; tech sector rallies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, technology, rallies, tech, stocks, reprieve, trade, european, tensions, offers, higher, markets, sector, territory, positive, growth, huawei, war


European stocks close higher as trade war offers reprieve; tech sector rallies

European stocks closed higher Tuesday as tensions eased slightly in the escalating trade war between the U.S. and China.

The pan-European STOXX 600 closed provisionally 0.5% higher, with most sectors in positive territory. Technology stocks led the gains with a 1.6% rise.

Monday saw markets close lower after a U.S. crackdown on Chinese telecommunications giant Huawei weighed on the technology sector. Major European chipmakers saw a sell-off with reports that Germany’s Infineon had suspended shipments to Huawei.

However, markets rebounded Tuesday after the U.S. government temporarily eased some trade restrictions imposed on the company, in a move intended to minimize disruption for Huawei customers around the world. Google confirmed Tuesday that it had reversed a decision to cut ties with Huawei following the move.

Chipmakers AMS and STMicroelectronics both climbed about 4% as a result of the positive trade developments. Many semiconductor stocks had turned south on Monday amid jitters around Huawei.

In economic news, the OECD released its growth outlook, projecting global economic growth of 3.2% in 2019, down 0.1% from its March forecast, and an unchanged 3.4% in 2020. OECD chief economist Laurence Boone told CNBC Tuesday that U.S.-Sino trade tensions have “derailed global growth” and need to be dealt with at a multilateral level.

Meanwhile, investors stateside took their cues from international equity markets, with the Dow Jones Industrial Average trading around 130 points higher and the S&P 500 and Nasdaq indexes also in positive territory.


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, technology, rallies, tech, stocks, reprieve, trade, european, tensions, offers, higher, markets, sector, territory, positive, growth, huawei, war


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HSBC plans more China tech jobs in push for market share

HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy. Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West. HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of t


HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy. Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West. HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of t
HSBC plans more China tech jobs in push for market share Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, share, plans, technology, information, mainland, west, tech, bank, centers, operations, market, china, worldwide, push, hsbc, jobs


HSBC plans more China tech jobs in push for market share

HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.

Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West.

In recent years the London-based bank has spent $3 billion annually on its group technology operations which employ 40,000 people worldwide, and West said annual investments of $3-$3.5 billion are planned over the next few years.

Many global banks set up low-cost hubs in China and India more than a decade ago to maintain their complex worldwide information technology networks, but these centers have now become a core part of their operations.

The centers develop and implement risk and fraud management technologies, as well as digital applications that make it easier for banks to attract customers and deliver faster and more secure services.

HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of technology in the financial sector – from payments to transactions.

At stake is a bigger share of the billions of dollars worth of retail and corporate banking business in a major financial market with a growing customer base.

“There is a lot more we can do with technology in mainland China. The level of technology adoption and innovation in China is way ahead of other markets,” West told reporters during a tour of HSBC’s technology center in the southern city of Guangzhou last week.

“We see mainland China as a tremendous source of talent, not just for the local market but our technology operations globally. We are hiring very aggressively here,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, share, plans, technology, information, mainland, west, tech, bank, centers, operations, market, china, worldwide, push, hsbc, jobs


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At all-hands meeting Jeff Bezos tells employees he’s ‘very excited’ about the auto industry

At an all-hands staff meeting in March, Amazon CEO Jeff Bezos told employees that he’s fascinated by the recent developments in the auto industry, adding that it was one of the main reasons why Amazon led a $700 million investment in electric vehicle start-up Rivian in February. “If you think about the auto industry right now, there’s so many things going on with Uber-ization, electrification, the connected car — so it’s a fascinating industry,” Bezos said according to a recording of the meeting


At an all-hands staff meeting in March, Amazon CEO Jeff Bezos told employees that he’s fascinated by the recent developments in the auto industry, adding that it was one of the main reasons why Amazon led a $700 million investment in electric vehicle start-up Rivian in February. “If you think about the auto industry right now, there’s so many things going on with Uber-ization, electrification, the connected car — so it’s a fascinating industry,” Bezos said according to a recording of the meeting
At all-hands meeting Jeff Bezos tells employees he’s ‘very excited’ about the auto industry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: eugene kim
Keywords: news, cnbc, companies, hes, employees, auto, bezos, tells, billion, excited, industry, jeff, allhands, startup, selfdriving, meeting, amazon, investments, million, tech


At all-hands meeting Jeff Bezos tells employees he's 'very excited' about the auto industry

Founder, Chairman, CEO and President of Amazon Jeff Bezos gives a thumbs up as he speaks during an event about Blue Origin’s space exploration plans in Washington, U.S., May 9, 2019.

At an all-hands staff meeting in March, Amazon CEO Jeff Bezos told employees that he’s fascinated by the recent developments in the auto industry, adding that it was one of the main reasons why Amazon led a $700 million investment in electric vehicle start-up Rivian in February.

“If you think about the auto industry right now, there’s so many things going on with Uber-ization, electrification, the connected car — so it’s a fascinating industry,” Bezos said according to a recording of the meeting CNBC has heard. “It’s going to be something very interesting to watch and participate in, and I’m very excited about that whole industry.”

Bezos’ comments give a rare glimpse into his interest in the auto industry, which Amazon entered in February through its investments in Rivian and another self-driving tech start-up, Aurora. Investing in autonomous technology could eventually help Amazon offer faster and cheaper delivery, as well as automation in other areas, like its cashier-free grocery stores.

Rivian is best known for its electric trucks and has raised $1.4 billion in funding so far, including $500 million from Ford in April. Aurora, a self-driving tech start-up run by former Uber, Google and Tesla executives, is now reportedly worth more than $2 billion following its $530 million funding round in February.

Following those two investments, Amazon’s ownership stake in private companies shot up to almost $1.4 billion last quarter, marking the first time it crossed the $1 billion mark since disclosing that figure in 2015. That’s up by almost $1 billion from the previous quarter, and roughly five times more than what it owned just two years ago, filings show.

Amazon doesn’t break out individual investment amounts, but discloses the total value of its equity and equity warrant investments in both public and private companies.

Amazon did not respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: eugene kim
Keywords: news, cnbc, companies, hes, employees, auto, bezos, tells, billion, excited, industry, jeff, allhands, startup, selfdriving, meeting, amazon, investments, million, tech


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Stocks slide as Huawei fallout drags down Qualcomm, other tech shares

Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice. That’s difficult because “Huawei has its tentacles in so many parts of technology sector.


Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice. That’s difficult because “Huawei has its tentacles in so many parts of technology sector.
Stocks slide as Huawei fallout drags down Qualcomm, other tech shares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: fred imbert
Keywords: news, cnbc, companies, slide, companies, qualcomm, technology, tech, lagged, stocks, shares, drags, fallout, points, dropping, chinese, sector, business, thats, huawei


Stocks slide as Huawei fallout drags down Qualcomm, other tech shares

Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector.

The Dow Jones Industrial Average declined by 84.1 points to 25,679.90 as Apple lagged. The 30-stock index dropped as much as 203 points earlier in the day. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38.

Alphabet’s Google has suspended business with Huawei that involves transferring hardware, software and other technical services. The U.S. search giant’s decision follows President Donald Trump’s administration adding Huawei to a list that required U.S. companies get a license to do business with the Chinese company. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice.

“If this remains enforced, it’s going to create some opportunity, but clearly companies are working with their compliance departments to get out of the way of this Huawei situation,” said Quincy Krosby, chief market strategist at Prudential Financial. That’s difficult because “Huawei has its tentacles in so many parts of technology sector. That’s why this is not a one-day event.”


Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: fred imbert
Keywords: news, cnbc, companies, slide, companies, qualcomm, technology, tech, lagged, stocks, shares, drags, fallout, points, dropping, chinese, sector, business, thats, huawei


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